Apply for Credit Cards

Posted on Wednesday, 9th June 2010 by Heather Powell

Question:

I co-signed for my son’s auto loan and he has been making the payments faithfully for a year but its not on his credit report. Shouldn’t it appear there and not just on mine. If so what can we do to correct this?

Answer:

The Federal Credit Reporting Act requires a person furnishing any information relating to a consumer to any consumer reporting agency to report accurate (Section 623(a)(1)), complete and updated information (Section 623(a)(2)).

If the vehicle dealer is making an incomplete report to the credit bureaus, then the dealer is not in compliance with the FCRA.

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Tags: Credit, Credit Reporting
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Posted on Monday, 7th June 2010 by Rebecca Ortiz

When you’re carrying a debt load on high-interest credit cards, there’s nothing more tempting than those introductory 0% rates offered by some of their competitors. It’s true that balance transfer credit cards can help you pay down debt faster. But once you’ve transferred the balance, there are a few things you should remember to get the most out of that 0% period.

Don’t make just the minimum payment. Some people divide the amount of their balance by the number of months the 0% offer is applicable, and then pay that amount each month. But if th

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Posted on Sunday, 6th June 2010 by Timothy Bell

The CARD Act goes into effect today, February 22, 2010. This Act was established to protect credit card consumers and is monumental because it will change the way credit card companies do business. It entails the most significant changes ever to be made in credit card history.

What will the Act entail?

1.  There will be new limits on rate increases.
2. It will prohibit credit card companies from ’surprising’ consumers.
3. Credit card lenders will have to do a better job informing the consumer regarding interest rate increases and fee increases.
4. It will make it much more difficult for consumers under the age of 21 to qualify for a credit card.
5. Interest rates will not be allowed to undergo an increase until after the account has been open for at least 12 months.
6. Credit card companies will not be allowed to charge “over limit” fees unless the consumer specifically allows over limit charges.
7. Monthly credit card statements will have to undergo a face-lift. Each state

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Tags: Card Act, Effect
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Posted on Saturday, 5th June 2010 by Heather Powell

In the wake of a possible financial crisis, the 27-member nation European Union pushed for single regulation of credit-rating companies in the industry. In this regard, the agency that will stem out from this single regulation will then increase competition within the credit industry and will possibly ward off the occurrence of a debt crisis. This is the only way that EU sees it can revive its ailing financial standing.

This new credit agency will have the power to investigate issues concerning both lenders and debtors, issue fines to entities concerning credit, and revoke licenses of credit companies which do not observe the rules of the industry.

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Tags: Companies, Companies Proposed
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Posted on Thursday, 3rd June 2010 by Sarah Sullivan

Does it matter to you what your credit card looks like? It must matter to some, because many credit card companies go to great lengths to design their cards. Chase recently made a subtle change to its Slate(SM) with Blueprint card–they turned it vertical and added the Visa logo.

The terms of the card haven’t changed. It’s still a top pick if you are looking for a no annual fee card with a solid 0% introductory rate offer. But the question is whether the new design will be a marketing boon or bust. Your

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Tags: Chase, Chase Goes
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Posted on Wednesday, 2nd June 2010 by Rebecca Ortiz

Trying to gain access to credit cards or home loans often depends on a person’s employment status, and a recent report showed more people may have found work in May.

According to the Bureau of Labor Statistics, the unemployment rate in May dropped to 9.9 percent, after being at 9.7 percent the month before. Although a positive sign, the majority of the 431,000 jobs added during the fifth month of this year were made up of temporary Census work.

“While the temporary hiring of 411,000 Census workers accounts for most of the job growth in May, the private sector also contributed 41,000 jobs,” Labor Secretary Hilda Solis said. ” Read more…

Tags: Falls May, May
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Posted on Tuesday, 1st June 2010 by Timothy Bell

Wal-Mart, the largest retailer in the world, will be the first American retailer to offer smartcard-based techonology at all payment terminals in its domestic stores, according to a recent report released at a smartcard conference. The signature-free credit card terminals use Chip and Pin technology and are used worldwide but not commonly found in the United States. Most smartcards in use today incorporate the Europay MasterCard Visa (EMV) smartcard standard from the major credit card companies.

The cost of changing over to the new system has been the major reason for the holdout of U.S. companies.

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Tags: Smartcard, Smartcard Technology
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